According to the Hollywood Reporter, Fukunaga is set to co-write the script with Chase Palmer. Because of the size of the book and the sheer weight of plot, they’ve decided that it really needs to be two movies. Given that Jane Eyre is unquestionably literary but involves a) things that go bump in the night and b) fire, the choice of director is perhaps a more obvious fit that it first appears - and Fukunaga's already shown himself to be something of a genre-hopper.

If you’ve never cracked open the original 1986 tome or seen the Tim Curry-starring TV movie, It finds a group of kids called the Losers Club encountering the beastly horror that preys on children. Often taking the form of a clown called Pennywise, the monster causes trouble for the friends before they eventually appear to vanquish it. Until, that is, the danger reappears years later and the kids, now grown, are called back into action. But their memories of the original encounter take a while to surface…

There’s no word yet on when this will kick off shooting, assuming It makes it to production. But probably best avoid clowns in the meantime, just in case.

It's all very well people saying that the screenwriters ought to stick to the source material but that would involve what amounts to a child gang-bang and I somehow think there would be serious issues in trying to get that on-screen.
Some things simply have to be changed. More

So if the villain is Pennywise, who's "the titular creature"?
The creature is IT a thing that can transform into whatever scares the crap out you the most be it spiders or even Michael Landon from I Was A Teenage Werewolf. Pennywise is merely the transformation of IT into something that scares kids that hate clowns. More

L: RGHunt57
So if the villain is Pennywise, who's "the titular creature"?
he creature is IT - a entity that can form itself into whatever scares you the most be it spiders, Michael Landon from I Was A Teenage Werewolf. Pennywise is merely the form it takes to scare the crap out of you if you hate clowns. More

Yeah, can't be any worse than the 1990 TV version, although Tim Curry was very good in it. All the camp he normally does went out the window and he was really creepy in it (still not sure about the giant spider though, it's all a bit Jon Peters.) More

Hope they stick more closely to the book as some of the more grisly bits were missing...vampire with razor blade teeth anyone?
It was a decent enough book but adding in some of this would break up the malaise a little. Salem's Lot was always his best in my opinion, not sure this is necessary really. I'd like to see KIng expand on The Lot mythology like with One For The Road short. More

The titular creature is "IT'. Pennywise is a form "IT" takes on most often. "IT" also takes on other forms. Also the only person who mentions the word villain is you! So you somehow seem to have confused yourself! More